BTCDOM | ON THE RISE
BTCDOM on the rise? what does it mean?
Let's understand what BTCDOM means
Binance BTCDOM Index is a cryptocurrency price index reflecting the market dominance performance of Bitcoin. The BTCDOM Index is a metric that traders can use to quickly get a sense of Bitcoin's value relative to that of the broader cryptocurrency market.
The BTCDOM Index provides insights into the market and can be used as a tool to speculate on Bitcoin’s relative strength against altcoins. Essentially, the index measures the demand for Bitcoin relative to altcoins.
In short, When altcoins gain market share relative to Bitcoin, the BTCDOM index loses value. Conversely, when Bitcoin gains market share relative to altcoins, the BTCDOM index will gain value.
Technically speaking, the BTCDOM is looking bullish after forming inverse head n shoulder pattern and likely to move upside.
What do you think of the idea?
Let's understand what BTCDOM means
Binance BTCDOM Index is a cryptocurrency price index reflecting the market dominance performance of Bitcoin. The BTCDOM Index is a metric that traders can use to quickly get a sense of Bitcoin's value relative to that of the broader cryptocurrency market.
The BTCDOM Index provides insights into the market and can be used as a tool to speculate on Bitcoin’s relative strength against altcoins. Essentially, the index measures the demand for Bitcoin relative to altcoins.
In short, When altcoins gain market share relative to Bitcoin, the BTCDOM index loses value. Conversely, when Bitcoin gains market share relative to altcoins, the BTCDOM index will gain value.
Technically speaking, the BTCDOM is looking bullish after forming inverse head n shoulder pattern and likely to move upside.
What do you think of the idea?
